A local commercial real estate broker is coordinating the development of a new neighborhood retail center near the Summerport subdivision, between Windermere and Horizon West.
Located at 5337 Keene's Pheasant Dr., the 1.08-acre parcel lies on the northwest corner of Bridgewater Crossings Boulevard and Keene's Pheasant, directly south of Keene's Crossing Elementary.
Planned for 11,700 square feet between two buildings dubbed Central Parc at Bridgewater Crossing, commercial real estate broker Miguel de Arcos filed a new Development Plan on Monday with Orange County.
"We're just feeling our way through the process now, the land is under contract and we love the site and growth of the whole Horizon West area in general," de Arcos told GrowthSpotter on Tuesday. "This is on kind of a gateway road between Windermere and Horizon West."
De Arcos is a principal in the property's prospective buyer and developer Central Parc Development, while the current owner and seller is SP Commercial Investors, LLC, an affiliate of developer Thomas J. Karr, Jr., of Land Plus.
Plans call for two retail buildings of 5,400 square feet and 6,300 square feet, each with outdoor seating in an open space between the two.
"We're still tinkering with the floor plan, (retail space) will be as small as 1,300 square feet to as large as a whole building for lease opportunities," said de Arcos. "We're actively in negotiations with several tenants, none finalized yet. This could fit a wide variety of neighborhood retail uses."
Total investment cost in the project is estimated at $3.1 million, de Arcos said, with financing already approved by a local community bank for a construction loan later this year, if needed.
Closing on the land purchase should occur by year's end, with construction potentially to start in January, de Arcos said.
De Arcos has worked in commercial real estate for 15 years, and been active in retail development for the past four. His group has developed the Central Parc at Heathrow retail center, built several daycare facilities and build-to-suits, and have another retail center in design phase now on International Parkway in Sanford, he said.